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Wintermute Report Indicates Improved Crypto Market Structure and Reduced Leverage
12/02/2025, 10:06
AI SUMMARY
●Wintermute analysis shows significantly reduced leverage and neutral funding rates
●Spot market participation has increased while BTC and ETH basis hit cycle lows
●Data suggests a shift toward a healthier market structure less reliant on speculation
A new market report by Wintermute suggests that the cryptocurrency market structure is improving, with mainstream tokens becoming less vulnerable to volatility. The analysis highlights a significant reduction in leverage and a return to neutral funding rates, accompanied by a notable increase in spot market participation.
Additionally, the report notes that the basis for Bitcoin and Ethereum has dropped to cycle lows. These metrics collectively indicate that the market is transitioning toward a healthier and more sustainable state driven by spot volume rather than excessive speculation.